Deutsche Bank investment bank bonuses down 15-20 pct -sources

The move comes after a year of restructuring at Deutsche and after pressure from regulators to clamp down on short-term rewards.

Deutsche Bank declined to comment.

For the industry as a whole, 2012 bonuses could be down by as much as 30 percent compared with 2011 levels.

The total amount put aside for pay and bonuses in the first nine months of 2012 by eight top international investment banks, including JPMorgan and Deutsche Bank, was down 7 percent on average from 2011 levels and has fallen further than revenues, third quarter results showed.

In September, Deutsche Bank co-Chief Executive Anshu Jain, previously the head of investment banking, warned that the payout ratio - the proportion of net revenues set aside for banker pay - would come down.

Deutsche Bank has already reformed the way it awards pay. For investment bankers, bonuses are determined on the basis of the bank's overall earnings performance.

The bank uses certain return on equity ratios over a two-year period as benchmarks for determining pay.

At least 60 percent of total variable compensation is granted on a deferred basis, and no more than 20 percent is paid out in cash immediately.

Deutsche Bank has also forced senior managers to wait five years, rather than three, to receive bonus share awards as a way to encourage longer-term thinking.